Obama Introduces Economic Team, Warns "No Shortcuts or Quick Fixes" to Crisis

Lawrence Summers, National Economic Council Director-designate

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President-elect Barack Obama unveiled his economic team, saying, "I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold new ideas — and most of all, who share my fundamental belief that we cannot have a thriving Wall Street while Main Street suffers." But he added, "the economy is likely to get worse before it gets better."

As previously reported, Federal Reserve Bank of New York president Timothy Geithner will head the Treasury while former Treasury Secretary Lawrence Summers will head the National Economic Council. Christina Romer, a professor at U.C. Berkeley, will be Director of the Council of Economic Advisors, while Melody Barnes, a former aide to Senator Ted Kennedy and senior adviser to Obama during the election campaign, will be Director of the Domestic Policy Council. The NY Times writes, "By naming a team deeply experienced in dealing with financial crises — Mr. Geithner was heavily involved over the weekend in the efforts to stabilize Citigroup — Mr. Obama underscored his determination to assure Americans and foreign investors that he would aggressively step into a leadership vacuum in Washington during the transition."

Here's video of the introduction:

And here's Obama taking questions about the stimulus package--he didn't want to give numbers now, but wants to pass it soon and pointed out that conservative and liberal economists agree a big stimulus package is needed: